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– Kathy Lien (based on investing.com)
Pair's Outlook
The common European currency surged and reached past the 1.13 mark against the US Dollar on Tuesday. However, the currency exchange rate retreated from the high level of 1.1322, and it has retreated back to the monthly R1 at 1.1263 by 5:00 GMT on Wednesday, against which the rate is most likely to rebound. Afterwards, the pair would move to the second weekly resistance at 1.1302 and test the 1.13 mark once again. In addition, a surge is also possible due to the fact that the upper Bollinger band has moved higher to 1.1318, compared to yesterday's 1.1299.
Traders' Sentiment
SWFX traders continue to be bearish, as 61% of open positions were short on Wednesday morning. In the meantime, pending commands are 57% bearish.
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